9 Key Tips For Buying Your Next Home
Buying a home can be intimidating; it’s a big investment that you’re committing to. Whether you are moving from your first home to your forever home or buying your first home, here are some of the most important considerations to make:
1. Be a pre-approved buyer: A quick and easy financing pre-approval will help to ensure you’re looking at homes in the right price range, and give you an advantage in negotiating the purchase. It will also set your mind at ease and really allow you to determine your home purchase budget.
2. Be realistic about monthly costs: There are a lot of factors that will determine your home buying budget but you also need to consider what the home is going to cost on you on an on-going basis. From there you will need to sit down and map out monthly and yearly expenses such as: • Monthly utility costs • Property taxes • Mortgage payment • Lawyer’s fees (this is due at the purchase of your home) • Home inspection fee (this will be a one-time fee) • Miscellaneous costs (repairs, new purchases etc.)
3. Get connected to beat your competition: We all know that the best stuff at the best prices goes fast, and that applies to housing even more than anything else. To get a leg-up on your competition, get yourself connected with a good Realtor that knows the market, and can send you new listings quickly.
4. Make a list of needs versus wants: Put pen to paper and figure out what you can and can’t live without. An en-suite with a Jacuzzi might be nice, but can you live without the Jacuzzi if the house meets your needs in every other way? Remember, you can always upgrade or renovate down the road, especially if this is going to be your forever home.
5. Put your money where your mouth is: That is, prove you’re a serious buyer. Be prepared to put down 5%-10% or more to get the seller’s attention when you make your offer.
6. Present the offer personally: Whenever possible, have your agent present your offer directly to the seller in person. This will give you an edge, and help your agent pick up any critical information during the meeting.
7. Keep a cool head: Stay reserved, cool and calculated with your decisions, especially in a hot market. A home purchase can easily be your single largest investment, and you want to be sure you’re getting the best value for your money.
8. Keep it simple: Try to keep your offer to purchase as clean and simple as possible, with minimal contingencies like repairs, inclusions, etc. If you come across as too demanding, you chance turning the seller off. Keeping things simple may also help you purchase the property at the best price.
9. Use a professional: As tempting as it may be to go out on your own, a real estate professional is a wise move. They’ll represent your interests regardless of the competition or how heated the negotiations get, plus keep you from paying too much and help you maximize your investment. And, they cost you nothing – realtors’ fees are all paid by the seller, not the buyer
Make sure to call me so I can help you purchase your next home and hopefully the home you will be happy in for a long time!
